On March 17, Advanced Technologies purchased a patent related to laser surgery techniques. The purchase price of the patent is $1,200,000. The patent is expected to benefit the company for the next five years. The company had the following additional costs: $20,000 in legal fees associated with the purchase and filing of the patent, $35,000 to advertise its new laser surgery techniques, and $45,000 to train employees. None of these additional costs were included in the purchase price or paid to the seller. What is the recorded cost of the patent?